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Can Debt Consolidation Make My Financial Position Worse?
Debt consolidation is one of the best ways of reducing debt. Your monthly payments become much lower and this will give you more disposable income. Unfortunately, debt consolidation can also make your position much worse. The reason debt...
Consolidate Credit Card Debt
Do you have credit card debt? Are you struggling with debt from several credit cards like Mastercard, Visa and others? Have you ever crossed your mind to consolidate credit card debt? It is very easy to jump on the debt carousel and when you first...
Debt Consolidation Credit Counseling Agency Help: How to Spot the Best Program
An individual's financial integrity is extremely important and
if one is in need of help to get back on track, the best place
to go to for debt consolidation credit counseling is a
professional, accredited agency. There are so many...
Debt Consolidation - Free Information About Consolidating Debt
Millions of consumers across the globe are searching for a way out of debt. Credit card bills, loans, and other unsecured debts have left many people unable to meet their monthly expenses. If you have found yourself in this position, don't feel...
How to become debt free.
In today's consumer society it is all too easy to get into debt. If you have a few credit cards, car loan, mortgage and possibly student loans it can easily add up. If your income is reduced for any reason you could find yourself in serious...
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In Debt? Make A List!
Debt is not much fun and when faced with it, people sometimes look for complicated debt solutions and often overlook the many simple ways that you can save money. Believe it or not, one of the simplest and most effective debt solutions is to get hold of a pen and a piece of paper and make a list. By this I mean that keeping a daily record of your expenditure can reveal some interesting facts about your spending and point you in the direction of how you can make easy savings right away. My Father first introduced me to this, showing me the little piece of paper that he kept in his wallet. But at the time I just rolled my eyes and ignored his advice – big mistake. It was only a few years later when I wanted to try to seriously start saving money in order to make a dent in my mortgage loan. But this debt solution is not only useful for helping you to pay off a mortgage debt, but also credit cards and student loans and many other types of debt.
At the beginning of each month, I would just tear a piece off an old envelope and write my salary at the top and then immediately subtract the amount I want to save in order to pay off my mortgage debt. I could then clearly see how much I money I had to get me through the month. I then simply subtracted everything I spent when I spent it. The key to this is to writing down absolutely everything, no matter how small. I found that it was really easy to do – I would either write something down on the list as soon as I spent the money or take two minutes in the evening at home to go back over what I had spent during the day. Whenever there was a fairly large sum on the list, I would just write down what it was next to the amount, so that I could
remember.
Once you have kept your list for a couple of weeks, you already start to make some fascinating discoveries. It was not the big amounts on my list that had to be dealt with, as I had imagined. These were essentials, which there was no way I could do without. However, the small amounts on my list were doing the damage! I was well aware that I was buying something to eat EVERY morning before going into the office, but I was totally unaware of what it was costing me. I was spending 2.75 British Pounds every morning on this. That was adding up to around 55 Pounds per month! As soon as I realised this, I started making my own. In addition to this, I could always turn to my list at any point during the month and see how much money I had left until the next pay day. This way, there was never any danger that I would have to go into the overdraft on my bank account.
This in itself represented a real saving that I started making each month and once I had cut one or two other unnecessary expenses revealed by my lists, I was making very significant savings, which I then put towards paying off my mortgage debt. Keeping a list of this type is a simple yet powerful tool because it will clearly and simply show you where your money is going, and give you the control to make some changes.
About the Author: Emmanuel Mendonca is the webmaster of Debt Genius at http://www.debtgenius.com which provides free advice on debt consolidation, how to get out of debt and on saving money.
Source: www.isnare.com
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| Advertisements Promising Debt Relief May Be Offering Bankruptcy |
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| Factsheet - Debt Relief Under the Heavily Indebted Poor Countries ... |
| The HIPC Initiative is a comprehensive approach to debt reduction for heavily indebted poor countries pursuing IMF- and World Bank-supported adjustment and ... |
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| Special report: debt relief | Special reports | Guardian Unlimited |
| February 6: A year ago the Guardian set out to track the west's promises of action for Africa on aid, trade, health and debt relief. As G8 finance ministers ... |
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| Economic Policy and Debt - The Enhanced HIPC Initiative |
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| Debt relief - Wikipedia, the free encyclopedia |
| Debt relief is the partial or total forgiveness of debt, or the slowing or stopping of debt growth, owed by individuals, corporations, or nations. ... |
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| Debt Analyzer, Debt Reduction Software, Home Page |
| Debt Elimination at its best! Potential savings of hundreds or thousands of dollars! Build debt reduction, timed elimination or consolidation schedules. |
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| Debt Relief - Social and Economic Policy - Global Policy Forum |
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| Debt Relief - Global Policy Forum - Social and Economic Policy |
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| BBC NEWS | Business | Q&A: African debt relief |
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| What debt relief means for Africa | csmonitor.com |
| This weekend's $40 billion debt cancellation deal could spark major improvements in the lives of the world's poorest people. |
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